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The Australian Business Review
 

Good morning,

Woodside Energy boss Meg O'Neill says "wishful thinking" has guided nearly all of the federal government’s energy policy as global LNG players warn that Labor must deliver on its commitment to gas or risk seeing investment flow overseas.

Inflation and rising energy costs have hit Telstra hard and affected its ability to meet financial targets, with the telco giant announcing plans to cut 2800 jobs from its global workforce in a bid to make $350m in savings.

American aluminium giant Alcoa has altered its takeover deal for Australian bauxite and alumina group Alumina to allow a Chinese state-owned entity to convert future shares into non-voting rights to satisfy US regulations.

Perry Williams
Business editor
The markets


Making news this morning
1
PwC defends bullying case
A woman who claims she had “an awful time” working at PwC was not entitled to make a complaint under the Fair Work Act, the firm said in its defence against her bullying allegation.
2
Labor’s blame game on rates masks bracket creep crunch
Economist Warren Hogan says Labor will lay the blame for high cost of living on the RBA but tax bracket creep is hurting households just as much.
3
CBA offers developers ‘Afterpay’ for unit buyers
Developers will be able to secure pre-sales with buyers initially stumping up just $10,000, in a new play by Commonwealth Bank and Coposit to help get more projects built.
Editor's picks
MARGIN CALL
Pantomime with a sting in the tale
We don’t have a bee in our bonnet but AFCA’s David Locke dressed as an apiarist and ASIC’s Alan Kirkland as a Sherlock-esque sleuth have sure taken messaging to a stage-managed level.
By YONI BASHAN
AVIATION
Virgin Australia ends Qantas’ reign as most punctual airline
Virgin Australia has taken out on-time performance honours in April after one in five Qantas flights arrived late.
By ROBYN IRONSIDE
Commentary
A painful warning for economy in Telstra’s job cuts
By ERIC JOHNSTON
Associate Editor
The telco’s move signals the era of ‘jobs hoarding’ across corporate Australia is finally reaching its end.
How the ATO is watching you more closely
By ANTHONY KEANE
Personal finance writer
Your Uber, Airbnb, cryptocurrency and property transactions are being tracked in detail as ATO data matching expands further.
Dataroom
Buyer ready if SkyCity cashes in its Adelaide chips
What is SkyCity Entertainment’s future commitment to the Australian market and will it remain as the owner of SkyCity Adelaide?
Mulcahy favoured for Lendlease chair role
The hunt for a new chairman at Lendlease is narrowing to former Mirvac Group chairman John Mulcahy.
Global Switch sale process quandary
One of the most frequent questions being asked about the sale process of Global Switch’s Australian data centres is where is Next DC and why has it not been invited to participate?